If you’re an experienced marketer, then it’s likely that you’re using a multi-platform strategy in an effort to reach as many people as possible. That’s a great way to promote your brand, but do you know which parts of your strategy are the most effective? More importantly, do you know which parts are the least effective?
Cross-channel attribution is important because it answers those questions. Specifically, cross-channel attribution is the ability to determine which marketing channel moved the consumer to action or influenced the behavior of a consumer.
You want to use cross-channel attribution to avoid the problem famously described by John Wanamaker: “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” A sound assessment program will let you know “which half.”
Needless to say, digital marketing efforts make that effort a lot easier than more traditional advertising. This is because digital marketing typically features analytics. You can see exactly which ads received the best and worst click-through rates. You can also see which publishers give you the best and worst click-through rates. Additionally, you can determine which times of the day people were most and least likely to respond to a given ad.
That said, it can still be difficult to measure the value of a single digital media channel. For example, an effort at remarketing might have closed the sale. But what brought the customer to the website in the first place? Some analytics reports will highlight the success of remarketing, but not what drove the consumer to your website the first time.
Also, the consumer could be inundated with advertisements for your brand across the spectrum of websites that he or she visits. How many impressions of your brand did the consumer see before it “clicked”? Did an email campaign have any influence on the buyer’s decision? Was it banner ads that weren’t clicked but left a positive impression?
Still, there are some ways to determine which marketing efforts are working best for you:
- Take ownership of the data – Start by realizing that it’s your responsibility to know what’s best for building your brand. Don’t delegate it to a third party, including an advertising agency. You’re always going to be more responsible with your money than anyone else.
- Hire qualified staff – There are mathematicians and statisticians who love to crunch numbers. Feel free to locate one or more of them and bring them on board to pore over your analytics reports and determine what is working and what isn’t working.
- Measure ROI – Your ROI efforts should be no less focused on marketing than anywhere else. Make an effort to determine the channels that are maximizing your return on investment and accentuate the use of those channels.
Even in the digital age, evaluating successful marketing initiatives can be a complicated effort. However, with the proper determination and focus, you can determine which campaigns are most successful and which ones need to be scrapped.
RealMatch is a leading provider of recruitment advertising solutions for digital publishers and media companies. This revenue stream can be an integral part of your website’s overall marketing and monetization strategy. Why not contact RealMatch and find out more?